The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-07-31
COLUMBIAN BANK BURNS
A PENNSYLVANIA STATE INSTI.
TUITION FAILS.
Nothing Is known About the Lin
bllities-iyes ard MIA, ner said
10 Have Caused II.

PHILADELPHIA, Pa, July 3O.-The
Columbian bank, a State institution
closed its doors this morning, and on
the door n notice was posted, stating
by order OF the Board of Directors the
bank would make an assignment for
the benef; o! creditors. At noon
another notice was issued saying tina,
assignment had been made to s. Ed.
win Megargee ard F. P. Herman, two
attorneys. All etfJrts TO obtain any
s'a.ement as to the amount of liabili.
ties or a'sess proved futile, both the
bank officials and the sssignees de
clsring that IL ey had not had time to
inquire into the condition Of affairs as
yet 1t Is believed, however, that the
failure Is a complete one.
President Bell, Of the Farmers and
Mschsnics' Bank, with whom the
Columbian has kept an account 70,
severs! years, stated that the checks
Of the latter we're diehonored because
they bad no money to their credit and
furthermore had no securities on de.
post. on was claimed by the Colum.
bans ofiicsrs. Mr.. Bell said that the
securities referred to consisted OF
CHI cks aud drsits on outside banks,
and that he Fsrmers' and Mechsn CO
would not accept them txceptJor col &c.
tior, snd II hey proved good the money
wouid be paid but nothigg would be
advanced. 1t is understood from iei
able sources that the chef cauaes of
the failure ware heavy advances
made 90 drafts Of the Ives Stayn sr par.
ty OF Nsw York, and advances made on
consignments Of merchandise shipped
from South America aud other points,
which were not taken up bv the con.
signe6s, thus leaving the bank in n
crippled condition. A part a state
meDt OF the sssets and liabilities 10
promised this aft, rnooD, although it Is
doub ful II anything d, fnite can be
learned before th0rough examina
ton has been made, and this will con.
sumo considerable time. The filurs
caused some excitement In the city,
although among financial men 1t was
not much OF a surprise.
At 1880 o'clock 1t was stated by the
bank officials that they would not
Issue a statemsnt today, II being i'm.
possible TO ge. matters In shape to do
10. Among the bank asssta are bonds
and stocks put down at tl33. 600, but
Their market value Is very dou btful.
A gentlemen who is 10 q position to
know, said to reporter this sfter-
noon: "The status Of the Attire ia
Just this: When the negotiations for
the purchase OF the Baltimore and
Ohio stock from Robert Ca rett wsrs
In progress, Ives deposited a consider.
abls account Of money as a margin or
premium. and when the negotiations
were declared at an end Ives did no,
get his money back aud Garrett went
TO Europe, thus leaving II tied up for
rome tins at least. Therefore Tvs
wa, considerably crippled, and was
prUbiby unable 10 settle with the
Columbian.
This solicitor for the back states
there are probably 100000 OF the
funds II d mp In merchandise, which
wss bought IN flreign countries on
letters OF credit issued by the Colum.
bisn, and tins bark paid the drafts at
teched - the bills u lading when pre-.
sen'ed. They we're unabie 10 real ys
ON thefe goods, and they are now in
sloTrpe